Over the last decade, different countries across the world are constantly undergoing several infrastructural developments & construction activities. It, in turn, is playing a prominent role in driving the demand for floor coatings. These coatings are used to protect the surface from different damaging factors like stains, cracks, moisture, etc., & withstand the strength & durability of the floor.
There has been a surge in the demand for floor coating across the world principally due to a rise in construction activities and improving economic conditions of the people, investing money in such aspects to attain strong & durable surfaces at homes, offices, etc.
The Global Floor Coatings Market is projected to grow at a CAGR of around 6.2% during the forecast period, i.e., 2022-27. The market is driven by the growing focus of governments of different countries on infrastructural development, upsurging the demand for floor coatings to bring greater protection to the surfaces at sites like manufacturing plants, hospitals, commercial & retail establishments, and warehouses, among others.
With the swift expansion of industries and the growing focus of the governments on the development of the residential sector, expenditure on construction is mounting rapidly. It, in turn, is influencing the demand for floor coatings and stimulating the overall market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Rest of South America|
|Europe: Germany, The UK, France, Italy, Spain, Rest of Europe|
|Asia-Pacific: China, India, Japan, Australia, Rest of Asia-Pacific|
|Middle East & Africa: Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||3M, Akzo Nobel, N.V. Axalta Coating System, Arkema S.A., Asian Paints Ltd, Ardex Endura Apurva India Ltd., A & I Coatings, BASF SE, Berger Paints India Ltd., Dr. Cipy- Specialized Floor Coatings, DUPONT, Others|
|Unit Denominations||USD Million/Billion|
Additionally, countries like China, India, the US, the UK, Saudi Arabia, and UAE, among others, are generating lucrative opportunities for the leading players to expand the market owing to massive construction activities & industrial development, demonstrating a constant need for floor coatings.
Furthermore, the active participation of prominent players through the introduction of new variants to expand their product portfolio, its application across end-users, and scalability across geographies, is another aspect contributing to the market growth.
Impact of Covid-19 on the Global Floor Coatings Market
The advent of Covid-19 had a decelerating effect on most industries worldwide, where the Global Floor Coating Market was no exception and underwent a negative impact. With the imposition of stringent movement restrictions & lockdowns to curb the spread of this dreadful disease, the market observed significant disruptions in the supply chain, which slowed down production processes.
Several ongoing projects associated with the production & distribution of the coatings were hampered, demonstrating a temporary hold on the market functioning. Later, with the gradual upliftment of restrictions, international trade resumed, allowing the recommencement of operations as usual.
Based on Binder Type:
Epoxy Binders are anticipated to acquire the largest share of the Global Floor Coatings Market during the forecast period. It owes principally to the capabilities of these binders to make tough overlays and are used as joint materials, patching compounds, floor toppings, and epoxy polymer concrete grouts.
Besides, with the swift expansion of industries worldwide, the demand for epoxy binders is popularly seen for industrial floors, expansion joint nosing repairs, spall repairs, & restoring damaged structural concrete, among others.
Moreover, other benefits like excellent resistance to heat, chemicals, spills, & stains, alongside its luxurious & aesthetic appearance, are the other aspects stimulating the demand for epoxy binders in floor coatings and driving the overall growth of the Global Floor Coatings Market.
Based on End-Users:
Here, the Residential sector is anticipated to dominate the Global Floor Coatings Market with the largest share during the forecast period. It owes principally to the exponentially rising populations and the growing focus of the governments of different countries on establishing the residential sector to habitat the people. It, in turn, is projecting the presence of massive construction activities across the sector, which in turn, is influencing the demand for floor coatings and driving the market.
Besides, with the growing disposable income of the people, home renovations are another prominent aspect fueling the demand for floor coatings and stimulating market expansion. It, in turn, is also generating growth opportunities for the leading players to expand their product portfolio by introducing new varieties and expanding the consumer base across the residential sector during the forecast years.
On the other hand, the Industrial sector is projected to demonstrate the fastest growth in the Global Floor Coatings Market during the forecast period. The growth attributes to the back of rigorous expansion of industries across different countries worldwide, especially across the manufacturing sector, propelling the demand for floor coatings and driving the market.
Besides, high regulatory standards set by different associations to ensure safety in industries are also fueling the demand for floor coatings to eliminate fines during quality checks & certifications, materials handling, and employee safety, among others.
Geographically, the Global Floor Coatings Market expands across:
Of all regions globally, Asia-Pacific dominated the Floor Coatings Market with the largest share in the previous years, and the same trend is likely to be followed during 2022-27. It owes principally to the rapidly increasing construction activities across different countries in the region, i.e., exemplifying the presence of several projects associated with green building & smart cities and, in turn, surging the demand for floor coatings to bring robust surfaces to these structures.
Besides, the improving economic conditions of people & their increasing disposable income are also positively influencing the regional market growth, as people are actively focusing on renovating their homes, offices, & other spaces. Furthermore, massive manufacturing industries across countries like China, India, and Japan, among others, are also augmenting the demand for floor coatings and instigating the leading players to increase their production & distribution capacities in order to cater to the burgeoning end-user requirements, thereby fueling the growth of the Asia-Pacific Floor Coatings Market.
Possible Restraint for the Global Floor Coatings Market
A key aspect that might restrain the fledged growth of the Global Floor Coatings Market is the controversy associated with the impact of floor coatings on the environment. Since these coatings exhibit chemicals & industrial organic solvents, their ill effects on human health & environment might pose challenges for the leading players to expand their businesses.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Floor Coatings Market is projected to grow at a CAGR of around 6.2% during 2022-27.
A. Possibilities of ill effects of floor coatings on human health entwined controversies associated with environmental degradation are the key aspects that might restrain the fledged growth of the Global Floor Coatings Market.
A. The industrial sector is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Floor Coatings Market over the forecast years.